The U.S. stocks fell on Friday as investors were concerned that a rise in interest rates to tackle rising inflation levels will lead to a recession for major economies.
The US dollar went up to a 22 year high after the Fed raised its policy rate by 75 basis points and also signalled more rate hikes in the coming period.
The shares of big tech companies, including Microsoft Corporation, MSFT, Amazon.com Inc AMZN and Apple Inc., all settled lower on Friday.
The Nasdaq 100 fell by 1.66% to close at 11,311. On Friday, the S&P 500 fell 1.72%. The Dow Jones dropped around 486 points to settle at 29,590. Energy stocks recorded the biggest decline on Friday, dipping around 6.8%, with all the major sectors on the S&P 500 closed on a lower note.
The CBOE Volatility Index, commonly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.